Glacier FarmMedia – Canola futures on the Intercontinental Exchange were making solid gains in the middle of Thursday trading, receiving support from vegetable oils.
A Reuters report said that the United States will finalize its biofuel quotas by March and drop import penalties, giving a boost to oilseeds.
Malaysian palm oil was mixed, but European rapeseed and Chicago soyoil were higher.
On the flip side, crude oil prices fell by more than US$2 per barrel after U.S. President Donald Trump indicated he would hold off on attacking Iran.
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Canadian Prime Minister Mark Carney is set to meet with Chinese President Xi Jinping in the coming days. Canadian Foreign Affairs Minister Anita Anand said discussions about China lowering tariffs on Canadian products were productive.
The Canadian dollar was down one-tenth of a U.S. cent compared to Wednesday’s close.
About 60,000 canola contracts have traded at 10:23 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 633.90 up 5.60
May 642.60 up 5.30
Jul 648.30 up 4.60
Nov 644.50 up 3.70
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